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The Public Sector Indian Overseas Bank announced that it had received an income tax refund of Rs.123.87 crore from the Income Tax Department under Section 250 of IT Act 1961.

Indian Overseas Bank receives Income Tax Refund of Rs.123.87 Crore

In a significant update, the income tax department is currently issuing various tax demands to taxpayers after processing their income tax returns.

Income Tax Demand: Capital Gain Income ITR being processed without Section 87A Rebate

Notifications

The Finance Ministry has announced the introduction of the second edition of the Direct Tax Vivad Se Vishwas Scheme 2024 (VSV 2.0), which will take effect on October 1, 2024.

Direct Tax Vivad Se Vishwas Scheme 2024 going to Launch on October 1, 2024

The Income Tax Department is now updating the Annual Information Statement (AIS) /Taxpayer Information Summary (TIS) for the financial year 2023-24.

IT Department intimates updation of AIS/TIS for FY 23-24

The Revenue Department of the Finance Ministry is looking to expedite the review of the Income-Tax Act of 1961, with the goal of completing it by January.

Review of Income Tax Act Put On Fast-Track Due to January Deadline

Net direct tax collection after refunds has increased by 16% this financial year to Rs.9.95 trillion, owing to strong growth in taxes on personal and corporate incomes.

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Indian Overseas Bank receives Income Tax Refund of Rs.123.87 Crore

Income Tax Demand: Capital Gain Income ITR being processed without Section 87A Rebate

Direct Tax Vivad Se Vishwas Scheme 2024 going to Launch on October 1, 2024

IT Department intimates updation of AIS/TIS for FY 23-24

Review of Income Tax Act Put On Fast-Track Due to January Deadline

Net Direct Tax Collection increases 16% annually to Rs.9.95 Trillion till September 17